Much of my career was focused on REO properties, during which I ran a parallel small business that handled property inspections and performed BPOs for banks.

I would need to know more specs on the house but with material shortages It's difficult to say how much to budget. 80K-120K for full gut perhaps but unsure with lumber beings so expensive and shortages.I would plan 9 months of vacancy between the pain you will endure pulling permits & having your contractors show up everyday to complete the work & then final inspections to get a CO. 

This will cost time and money and can be just as difficult as moving away from home.If you want to make it you'll need to do some hard things and make some hard decisions.

Originally posted by @Nick McCandless:I am looking to begin with my real estate investing career and have $150k in cash ready and available to begin investing.

As for our area, it is very difficult, even the 600K for Alexandria is not for single homes. 

@Cathy Fitzwilliam Initial cashflow is not easy in San Diego, the higher rates make it that much more difficult but it is certainly possible with value add deals.  

This transaction is of course VERY unusual, but I have done similar deals for 20 - 50% real discount over the course of my investing career.2.

I purchased my first home in October 2008 in Las Cruces, New Mexico after accepting a career with the federal government.

Unless you want to start selling real estate for a career, there is no need for it.

I am under the impression it is very difficult to get lenders to finance new builds especially spec builds.